Table of Contents
Introduction
It is a necessity to secure your banking. In the recent past, cybercrime and identity theft have become rampant; therefore, it is crucial for banks to offer strong security measures to their customers. In this article, we will discuss the additional security features that the best banks offer and how they can help customers feel more secure.
Biometric Authentication
One of the most advanced security features that most banks now offer is biometric authentication. This technology uses physical or behavioral characteristics to confirm the identity of the client. The most common types of biometric authentication include fingerprint identification, face recognition, and voice identification.
For instance, HSBC, one of the largest banks globally, has adopted biometric authentication in its mobile banking application. Clients can log in to their accounts easily using their fingerprint or face ID, without the use of passwords or PINs. This not only makes the process of accessing accounts easier but also enhances the security of the account.
Multi-Factor Authentication
Another important security feature is multi-factor authentication (MFA). This approach requires that customers present several pieces of identification to access their accounts, which makes it harder for individuals who are not allowed to access the accounts.
For instance, Bank of America has come up with its own version of MFA through its SafePass feature. Each time that customers attempt certain transactions, such as moving money or changing account preferences, they are required to enter a one-time password that is sent to their cell phone or email address. This code is required, in addition to the customer’s regular login credentials, to access the account.
Real-Time Fraud Monitoring
Top banks also have fraud prevention systems that are actively connected to detect and prevent fraud as it happens. These systems employ sophisticated techniques including statistical analysis and artificial intelligence to analyze the behavior of customers and raise the alarm on any unusual activities.
For instance, JPMorgan Chase has a sophisticated fraud prevention system that can detect fraud as it happens. If there is any unusual activity, for example, a large transaction or a purchase made from another location, the bank will notify the customer and take further steps to prevent any other unauthorized activity on the account.
Top notch Communication Channels
Top banks also ensure that they use secure communication channels to increase the level of security. These channels are designed to guarantee the transfer of customer information to avoid its interception or alteration.
For instance, Citibank uses Secure Sockets Layer (SSL) encryption to secure its online banking platform. This means that all the data that is sent between the customer’s device and the bank’s servers is encrypted making it very difficult for cybercriminals to catch and decrypt the data.
Tokenization
Lastly, there is tokenization, which is the process of replacing customers’ real data like credit card numbers with random tokens that are inapplicable to the real card numbers and cannot be used to make fraudulent purchases.
This is achieved by American Express through the use of tokenization to protect the credit card details of their customers. Every time a transaction is made the customer’s credit card number is replaced with a token which is then used for the purpose of the transaction. If a hacker is able to obtain the token, it will be practically useless as it will not be accompanied by the encryption key.
Conclusion
Big banks are ready to provide advanced level security features that are not only basic but additional to protect the financial details of their clients. Biometric authentication, multi-factor authentication, real-time fraud monitoring, secure communication channels, and tokenization are just some of the security measures that are used by these banks today.
These advanced security features when implemented help the customers to have a peaceful mind that their financial information is safe. Cybercrime and identity theft are on the rise, and therefore, banks must remain very sensitive and invest in strong security measures to address these threats.
Therefore, when selecting a bank, do not only focus on the interest rates and fees but also on the level of security they provide. The security of your financial information should be a concern to you and selecting a bank that offers high-level security features will ensure that your money is in good hands.
